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Year End Investing Tax Tips - Special Report

Quiz: QUIZ: Taxes - Then and Now

Question 1 of 10

What was the highest tax rate when President Ronald Reagan took office in 1981?

  1. 80%
  2. 70%
  3. 75%
  4. 60%
Correct!

The last president to cut taxes was John F. Kennedy, who lowered the top rate from 90 percent to 70 percent. The Economic Recovery Act of 1981 lowered it to 50 percent.

SOURCE: Congressional Budget Office | Effects Of The 1981 Tax Act On The Distribution Of Income And Taxes Paid